American Century Investments®
Quarterly Portfolio Holdings
Avantis® Short-Term Fixed Income Fund
May 31, 2023
Avantis Short-Term Fixed Income Fund - Schedule of Investments | ||
MAY 31, 2023 (UNAUDITED) |
Principal Amount ($)/ Shares | Value ($) | |||||||
CORPORATE BONDS — 65.4% | ||||||||
Aerospace and Defense — 0.3% | ||||||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | 36,000 | 34,896 | ||||||
Air Freight and Logistics — 0.8% | ||||||||
United Parcel Service, Inc., 2.20%, 9/1/24 | 101,000 | 97,611 | ||||||
Automobiles — 2.6% | ||||||||
American Honda Finance Corp., 2.90%, 2/16/24 | 60,000 | 58,921 | ||||||
American Honda Finance Corp., 1.00%, 9/10/25 | 78,000 | 71,592 | ||||||
General Motors Financial Co., Inc., 4.00%, 1/15/25 | 20,000 | 19,509 | ||||||
General Motors Financial Co., Inc., 5.25%, 3/1/26 | 45,000 | 44,653 | ||||||
Toyota Motor Corp., 1.34%, 3/25/26 | 100,000 | 91,393 | ||||||
Toyota Motor Credit Corp., 2.50%, 3/22/24 | 35,000 | 34,230 | ||||||
320,298 | ||||||||
Banks — 9.6% | ||||||||
Asian Development Bank, 0.50%, 2/4/26 | 100,000 | 90,763 | ||||||
Asian Infrastructure Investment Bank, 4.00%, 1/18/28 | 50,000 | 49,825 | ||||||
Bank of Montreal, 1.85%, 5/1/25 | 72,000 | 67,477 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 25,000 | 24,482 | ||||||
European Bank for Reconstruction & Development, 0.25%, 7/10/23 | 50,000 | 49,713 | ||||||
European Bank for Reconstruction & Development, 0.50%, 5/19/25 | 35,000 | 32,359 | ||||||
European Investment Bank, 1.375%, 3/15/27 | 50,000 | 45,373 | ||||||
Export Development Canada, 2.625%, 2/21/24 | 50,000 | 49,062 | ||||||
Inter-American Development Bank, 2.625%, 1/16/24 | 150,000 | 147,564 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 10,000 | 9,063 | ||||||
Mitsubishi UFJ Financial Group, Inc., 3.29%, 7/25/27 | 65,000 | 60,810 | ||||||
PNC Financial Services Group, Inc., 2.20%, 11/1/24 | 90,000 | 85,668 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 66,000 | 63,906 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.36%, 7/12/27 | 65,000 | 61,250 | ||||||
Toronto-Dominion Bank, 1.20%, 6/3/26 | 105,000 | 93,620 | ||||||
Truist Financial Corp., 2.50%, 8/1/24 | 60,000 | 57,613 | ||||||
US Bancorp, 2.40%, 7/30/24 | 35,000 | 33,662 | ||||||
Wells Fargo & Co., 3.55%, 9/29/25 | 36,000 | 34,767 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 25,000 | 23,336 | ||||||
Westpac Banking Corp., 5.46%, 11/18/27 | 85,000 | 87,786 | ||||||
1,168,099 | ||||||||
Beverages — 0.6% | ||||||||
Coca-Cola Co., 1.00%, 3/15/28 | 85,000 | 73,498 | ||||||
Building Products — 0.2% | ||||||||
Owens Corning, 3.40%, 8/15/26 | 28,000 | 26,638 | ||||||
Capital Markets — 4.6% | ||||||||
Ameriprise Financial, Inc., 2.875%, 9/15/26 | 98,000 | 92,421 | ||||||
Bank of New York Mellon Corp., 3.25%, 9/11/24 | 98,000 | 95,422 | ||||||
Charles Schwab Corp., 3.85%, 5/21/25 | 66,000 | 63,863 | ||||||
CME Group, Inc., 3.00%, 3/15/25 | 35,000 | 33,853 | ||||||
Goldman Sachs Group, Inc., 3.75%, 5/22/25 | 66,000 | 63,963 | ||||||
Lazard Group LLC, 3.75%, 2/13/25 | 66,000 | 63,363 | ||||||
Morgan Stanley Domestic Holdings, Inc., 3.80%, 8/24/27 | 65,000 | 61,910 | ||||||
State Street Corp., 3.55%, 8/18/25 | 86,000 | 83,695 | ||||||
558,490 | ||||||||
Chemicals — 0.7% | ||||||||
Ecolab, Inc., 2.70%, 11/1/26(1) | 95,000 | 89,935 | ||||||
Consumer Finance — 0.5% | ||||||||
Capital One Financial Corp., 4.25%, 4/30/25(1) | 66,000 | 63,956 | ||||||
Consumer Staples Distribution & Retail — 2.4% | ||||||||
Costco Wholesale Corp., 2.75%, 5/18/24 | 100,000 | 97,620 | ||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 66,000 | 64,539 | ||||||
Sysco Corp., 3.30%, 7/15/26 | 45,000 | 43,000 | ||||||
Target Corp., 1.95%, 1/15/27 | 100,000 | 92,191 | ||||||
297,350 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 13,000 | 12,726 | ||||||
Diversified REITs — 2.5% | ||||||||
Mid-America Apartments LP, 3.60%, 6/1/27(1) | 50,000 | 47,755 | ||||||
Prologis LP, 3.25%, 10/1/26 | 100,000 | 95,859 | ||||||
Simon Property Group LP, 3.375%, 6/15/27 | 65,000 | 61,171 | ||||||
Spirit Realty LP, 4.45%, 9/15/26 | 42,000 | 40,180 | ||||||
Ventas Realty LP, 3.85%, 4/1/27 | 65,000 | 61,476 | ||||||
306,441 | ||||||||
Electric Utilities — 4.3% | ||||||||
Baltimore Gas & Electric Co., 2.40%, 8/15/26 | 64,000 | 59,580 | ||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 36,000 | 35,439 | ||||||
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 | 61,000 | 57,810 | ||||||
DTE Electric Co., Series A, 1.90%, 4/1/28 | 65,000 | 57,686 | ||||||
Duke Energy Progress LLC, 3.25%, 8/15/25 | 24,000 | 23,222 | ||||||
Edison International, 4.125%, 3/15/28 | 75,000 | 70,550 | ||||||
Emera US Finance LP, 3.55%, 6/15/26 | 62,000 | 58,716 | ||||||
Entergy Louisiana LLC, 5.59%, 10/1/24 | 58,000 | 58,271 | ||||||
Florida Power & Light Co., 5.05%, 4/1/28 | 50,000 | 51,146 | ||||||
Public Service Electric & Gas Co., 2.25%, 9/15/26 | 64,000 | 59,148 | ||||||
531,568 | ||||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Avnet, Inc., 6.25%, 3/15/28 | 50,000 | 50,571 | ||||||
Flex Ltd., 3.75%, 2/1/26 | 47,000 | 44,832 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 36,000 | 35,457 | ||||||
130,860 | ||||||||
Energy Equipment and Services — 0.8% | ||||||||
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 | 104,000 | 96,440 | ||||||
Financial Services — 0.4% | ||||||||
Global Payments, Inc., 4.95%, 8/15/27 | 50,000 | 49,229 | ||||||
Food Products — 1.3% | ||||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 29,000 | 26,783 | ||||||
Hershey Co., 2.05%, 11/15/24 | 36,000 | 34,637 | ||||||
Hormel Foods Corp., 0.65%, 6/3/24 | 60,000 | 57,330 | ||||||
Tyson Foods, Inc., 4.00%, 3/1/26 | 45,000 | 43,738 | ||||||
162,488 | ||||||||
Gas Utilities — 0.5% | ||||||||
Southern California Gas Co., 3.15%, 9/15/24 | 63,000 | 61,542 | ||||||
Ground Transportation — 1.0% | ||||||||
Ryder System, Inc., 2.50%, 9/1/24 | 36,000 | 34,678 | ||||||
Ryder System, Inc., 3.35%, 9/1/25 | 18,000 | 17,207 | ||||||
Union Pacific Corp., 3.15%, 3/1/24 | 75,000 | 73,745 | ||||||
125,630 | ||||||||
Health Care Equipment and Supplies — 0.8% | ||||||||
Medtronic Global Holdings SCA, 4.25%, 3/30/28 | 100,000 | 98,703 | ||||||
Health Care Providers and Services — 2.4% | ||||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 69,000 | 67,004 |
HCA, Inc., 5.00%, 3/15/24 | 36,000 | 35,757 | ||||||
Humana, Inc., 3.95%, 3/15/27 | 65,000 | 62,739 | ||||||
UnitedHealth Group, Inc., 2.375%, 8/15/24 | 100,000 | 96,913 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26 | 30,000 | 26,434 | ||||||
288,847 | ||||||||
Health Care REITs — 0.1% | ||||||||
Omega Healthcare Investors, Inc., 4.95%, 4/1/24 | 15,000 | 14,769 | ||||||
Hotels, Restaurants and Leisure — 1.6% | ||||||||
Booking Holdings, Inc., 3.65%, 3/15/25 | 97,000 | 95,018 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 45,000 | 44,369 | ||||||
Marriott International, Inc., 5.00%, 10/15/27 | 60,000 | 60,133 | ||||||
199,520 | ||||||||
Household Products — 0.2% | ||||||||
Colgate-Palmolive Co., 3.25%, 3/15/24 | 20,000 | 19,790 | ||||||
Industrial Conglomerates — 0.8% | ||||||||
3M Co., 2.65%, 4/15/25(1) | 100,000 | 95,826 | ||||||
Insurance — 2.0% | ||||||||
Aon Global Ltd., 3.875%, 12/15/25 | 50,000 | 48,487 | ||||||
Chubb INA Holdings, Inc., 3.35%, 5/15/24 | 90,000 | 88,212 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 34,000 | 33,038 | ||||||
Prudential Financial, Inc., 1.50%, 3/10/26 | 75,000 | 68,932 | ||||||
238,669 | ||||||||
IT Services — 0.8% | ||||||||
International Business Machines Corp., 3.00%, 5/15/24 | 100,000 | 97,717 | ||||||
Machinery — 2.8% | ||||||||
Caterpillar Financial Services Corp., 3.30%, 6/9/24 | 69,000 | 67,791 | ||||||
Caterpillar Financial Services Corp., 1.45%, 5/15/25 | 36,000 | 33,755 | ||||||
John Deere Capital Corp., 3.45%, 1/10/24 | 69,000 | 68,330 | ||||||
PACCAR Financial Corp., 2.15%, 8/15/24 | 101,000 | 97,504 | ||||||
Stanley Black & Decker, Inc., 6.00%, 3/6/28 | 75,000 | 76,822 | ||||||
344,202 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., 3.375%, 8/15/25 | 42,000 | 40,808 | ||||||
Discovery Communications LLC, 4.90%, 3/11/26 | 60,000 | 59,255 | ||||||
100,063 | ||||||||
Metals and Mining — 1.2% | ||||||||
ArcelorMittal SA, 4.55%, 3/11/26(1) | 20,000 | 19,574 | ||||||
BHP Billiton Finance USA Ltd., 6.42%, 3/1/26 | 30,000 | 31,038 | ||||||
BHP Billiton Finance USA Ltd., 4.75%, 2/28/28 | 100,000 | 100,740 | ||||||
151,352 | ||||||||
Oil, Gas and Consumable Fuels — 5.5% | ||||||||
BP Capital Markets America, Inc., 3.02%, 1/16/27 | 25,000 | 23,697 | ||||||
BP Capital Markets PLC, 3.28%, 9/19/27 | 100,000 | 95,370 | ||||||
Energy Transfer LP, 3.90%, 7/15/26 | 70,000 | 66,853 | ||||||
Energy Transfer LP, 5.55%, 2/15/28 | 75,000 | 75,257 | ||||||
Enterprise Products Operating LLC, 3.90%, 2/15/24 | 65,000 | 64,199 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 35,000 | 33,825 | ||||||
Equinor ASA, 7.25%, 9/23/27 | 100,000 | 111,118 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 72,000 | 69,586 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 66,000 | 64,325 | ||||||
Williams Cos., Inc., 4.00%, 9/15/25 | 66,000 | 64,192 | ||||||
668,422 | ||||||||
Passenger Airlines — 0.6% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 75,000 | 74,696 | ||||||
Personal Care Products — 0.3% | ||||||||
Estee Lauder Cos., Inc., 2.00%, 12/1/24 | 36,000 | 34,553 | ||||||
Pharmaceuticals — 2.6% | ||||||||
Bristol-Myers Squibb Co., 3.45%, 11/15/27 | 100,000 | 96,440 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 29,000 | 27,628 | ||||||
Novartis Capital Corp., 3.00%, 11/20/25 | 27,000 | 26,105 | ||||||
Pfizer, Inc., 3.40%, 5/15/24 | 97,000 | 95,276 | ||||||
Royalty Pharma PLC, 1.20%, 9/2/25 | 78,000 | 70,525 | ||||||
315,974 | ||||||||
Retail REITs — 1.0% | ||||||||
Federal Realty Investment Trust, 3.25%, 7/15/27 | 65,000 | 59,567 | ||||||
Kimco Realty OP LLC, 3.30%, 2/1/25 | 66,000 | 63,460 | ||||||
123,027 | ||||||||
Semiconductors and Semiconductor Equipment — 2.2% | ||||||||
Intel Corp., 4.875%, 2/10/28 | 100,000 | 100,776 | ||||||
Lam Research Corp., 3.80%, 3/15/25 | 60,000 | 58,971 | ||||||
Marvell Technology, Inc., 1.65%, 4/15/26 | 67,000 | 60,569 | ||||||
Xilinx, Inc., 2.95%, 6/1/24 | 50,000 | 48,799 | ||||||
269,115 | ||||||||
Specialized REITs — 0.5% | ||||||||
American Tower Corp., 3.55%, 7/15/27 | 65,000 | 60,824 | ||||||
Specialty Retail — 2.2% | ||||||||
Home Depot, Inc., 3.75%, 2/15/24 | 66,000 | 65,438 | ||||||
Home Depot, Inc., 2.125%, 9/15/26 | 40,000 | 37,224 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 66,000 | 65,296 | ||||||
TJX Cos., Inc., 2.25%, 9/15/26 | 110,000 | 102,551 | ||||||
270,509 | ||||||||
Technology Hardware, Storage and Peripherals — 0.9% | ||||||||
Apple, Inc., 3.00%, 2/9/24 | 5,000 | 4,936 | ||||||
Apple, Inc., 2.45%, 8/4/26 | 71,000 | 67,259 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 36,000 | 35,777 | ||||||
107,972 | ||||||||
Textiles, Apparel and Luxury Goods — 1.6% | ||||||||
NIKE, Inc., 2.75%, 3/27/27 | 100,000 | 94,791 | ||||||
Ralph Lauren Corp., 3.75%, 9/15/25 | 100,000 | 97,250 | ||||||
192,041 | ||||||||
Trading Companies and Distributors — 0.2% | ||||||||
Air Lease Corp., 2.875%, 1/15/26 | 20,000 | 18,606 | ||||||
TOTAL CORPORATE BONDS (Cost $8,363,781) | 7,992,892 | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.6% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | 100,000 | 99,993 | ||||||
U.S. Treasury Notes, 0.25%, 9/30/23 | 420,000 | 412,936 | ||||||
U.S. Treasury Notes, 2.125%, 2/29/24 | 214,000 | 209,050 | ||||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 280,000 | 274,126 | ||||||
U.S. Treasury Notes, 0.375%, 4/15/24 | 290,000 | 278,004 | ||||||
U.S. Treasury Notes, 0.375%, 7/15/24 | 400,000 | 379,859 | ||||||
U.S. Treasury Notes, 0.375%, 8/15/24 | 410,000 | 388,099 | ||||||
U.S. Treasury Notes, 0.375%, 9/15/24 | 300,000 | 283,195 | ||||||
U.S. Treasury Notes, 1.50%, 10/31/24 | 450,000 | 429,864 | ||||||
U.S. Treasury Notes, 0.25%, 7/31/25 | 210,000 | 192,548 | ||||||
U.S. Treasury Notes, 0.375%, 9/30/27 | 70,000 | 60,367 | ||||||
U.S. Treasury Notes, 0.625%, 11/30/27 | 200,000 | 173,660 | ||||||
U.S. Treasury Notes, 0.625%, 12/31/27 | 225,000 | 194,906 | ||||||
U.S. Treasury Notes, 1.25%, 3/31/28 | 160,000 | 142,038 | ||||||
U.S. Treasury Notes, 1.25%, 4/30/28 | 250,000 | 221,592 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $3,858,900) | 3,740,237 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 3.2% | ||||||||
FHLB, 2.375%, 3/14/25 | 50,000 | 48,027 | ||||||
FHLB, 0.375%, 9/4/25 | 25,000 | 22,877 | ||||||
FHLB, 1.25%, 12/21/26 | 100,000 | 91,127 | ||||||
FNMA, 1.625%, 10/15/24 | 75,000 | 71,863 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 22,869 | ||||||
FNMA, 1.875%, 9/24/26 | 100,000 | 93,408 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 48,000 | 44,552 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $414,409) | 394,723 | |||||||
SHORT-TERM INVESTMENTS — 2.6% | ||||||||
Money Market Funds — 2.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 54,139 | 54,139 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(2) | 262,605 | 262,605 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $316,744) | 316,744 | |||||||
TOTAL INVESTMENT SECURITIES — 101.8% (Cost $12,953,834) | 12,444,596 | |||||||
OTHER ASSETS AND LIABILITIES — (1.8)% | (217,343) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 12,227,253 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AID | – | Agency for International Development | ||||||
Equivalent | – | Security whose payments are secured by the U.S. Treasury | ||||||
FHLB | – | Federal Home Loan Bank | ||||||
FNMA | – | Federal National Mortgage Association |
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $255,511. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $262,605.
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds and U.S. Treasury and Government Agency securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
2. Fair Value Measurements
The fund's investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 7,992,892 | — | |||||||
U.S. Treasury Securities and Equivalents | — | 3,740,237 | — | ||||||||
U.S. Government Agency Securities | — | 394,723 | — | ||||||||
Short-Term Investments | $ | 316,744 | — | — | |||||||
$ | 316,744 | $ | 12,127,852 | — |
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.